How would you feel if you'd waited months for that perfect trade? You know, that "no-brainer" of a trade with explosive reward potential... only to have been given the set-up, traded it and got stopped out for breakeven or, worse still, a loss a few days later?
How would you feel if you'd waited months for that perfect trade? You know, that "no-brainer" of a trade with explosive reward potential... only to have been given the set-up, traded it and got stopped out for breakeven or, worse still, a loss a few days later?
eToro.com is a reputable trading platform, famous in the social trading industry. In 2018, the brand decided to conquer the US market and launched the local brand there. First, the company functioned solely as a crypto trading broker. Yet, later it added other items to its list of tradeable assets. Therefore, now it offers stocks and ETF trading as well. With a history dating back to 2007, eToro has amassed a large user base across more than 140 countries. When cryptocurrency emerged, the brand used a unique chance to enter the American market. One of its key features is CopyTrader, the social trading tool and a proprietary product of the project. It allows novices to repeat trades from top traders with just a few clicks. Thus, the tool offers a fresh approach to this asset class. This guide aims to provide a comprehensive eToro review to help traders make informed decisions. eToro offers trading services across many regions worldwide including the USA OANDA (www.oanda.com) boasts of a high level of trust and reliability, as evidenced by its impressive Trust Score of 93 out of 99. While OANDA is not a publicly traded company nor does it operate as a bank, it is subject to regulation by seven Tier-1 regulators, signifying a highly trusted status. Additionally, it is supervised by one Tier-4 regulator, which means that users should utilize a cautious approach to risk management. A standalone copy-trading ecosystem, providing equities, foreign exchange, commodities and cryptocurrencies markets. Provides a global selection of brokerages.
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OANDA Corporation is regulated by the CFTC/NFA. OANDA is a member Firm of the NFA (Member ID: 0325821). CFDs are not available to residents in the United States.
1. Blame the market and the thousands of participants in it?
2. Throw your laptop out of the window?
3. Phone a friend?
4. Or... simply go into a fit of spitting rage?
However tempting all of the above may seem, simply blaming the market is not a long-term solution to dealing with what may seem like a "problem". Frankly, it's not. It's disempowering and hardly constructive...but a lot of people do it and this is very much to their detriment.
Do you know what the best possible thing to do would be in the face of such adversity? Do nothing! Yes, that's right...absolutely nothing! Simply accept that the market can do anything at anytime. This is something amateur traders struggle to grasp, very much to their deteriment.
Yes, they are completely random and chaotic! And they most certainly don't care about who you are, what you do, where you're from or how good your trade set-up is. The market will just do "it's thing" regardless. So please don't take it personally, whatever you do.
Whether the market moves in favour of your trade or not, they will always be right. But guess what! The good news is that we don't need to be in order to be a profitable trader. With no crystal ball, we technical traders simply play the probabilities...in our favour.
Rather than blame the market, we can rationalise by sticking to our profitable strategy by employing effective risk management knowing that if we get the trade wrong we only lose 1% of the value of our trading account - after all, we risk no more than this per trade. But if we get it right, we can make far more than we stand to lose if we get it wrong as we go for trades with a 3:1 reward/risk profile - risking 1% of our trading account in pursuit of 3% potential gain.
Sometimes we get it right and make it money, sometimes we get it wrong a lose money... if it's neither of these we at least can enjoy the 'stale mate' of a breakeven outcome (which, of course, is better than losing money!). That's trading!
But from getting rid of an emotional attachment to the outcome of your trade and the money that can be made or lost, you will be one major leap forward in transforming what is often experienced by many traders as a stressful and emotionally charged experience into a peaceful, carefree hobby.
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